Alexey Polovinkin, co-founder of the online educational platform for schoolchildren “Foxford”, left the founders of the company, he announced on September 28 on his Facebook page*.
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According to the businessman, he stopped running the company several years ago and has now finally abandoned the founders. Economically he is not entirely happy, but “from the point of view of freedom, yes.”
“I left Netology Group with a minimal rating, which was not bad, but more could have been done if the optimization had been carried out before the reporting period. Sometime in the fall of 2022 I bought shares (shares – note RB.RU) of Foxford and in June 2024 I sold them at approximately the same price, which I cannot disclose due to the NDA,” Polovinkin told RB.RU.
The businessman also announced the launch of a new project: Digital. Polovinkin intends to tell you more about him later.
As follows from the Unified State Register of Legal Entities, the legal entity of the new service, Digital Education LLC, was created on July 14, 2020. In 2023, the company’s revenue grew by 163% year-on-year and amounted to 552.8 million rubles, net profit – 1.8 million rubles.
According to information on the Tsifrum website, the project team develops digital solutions for educational institutions, organizes competitions, diagnoses knowledge, helps decide on a career and offers online courses. More than 3 million schoolchildren and 350 thousand teachers have been trained on the company’s platforms.
In 2009, Alexey Polovinkin launched the first online courses for children, and a year later Maxim Dreval joined the project. By 2014 the courses had become a full online school – Foxford.
- In 2014, Foxford merged with Netology. In 2017, 40% of the Netology Group holding was sold to the IT holding TalentTech, owned by Alexey Mordashov’s Severgroup, and then the stake increased to 85%.
- In June 2023, Severgroup was withdrawn from the founders of TT-Holding LLC, which owns 100% of Netology LLC and 93% of Foxford LLC (7% belongs to Netology Group co-founder Alexey Polovinkin).
- In April 2024, reports surfaced about Sber’s plans to purchase Netology and Foxford from TalentTech. Analysts estimated the transaction at 7 billion rubles.
According to Smart Ranking, the total revenue of Russia’s 100 largest edtech companies in the second quarter of 2024 amounted to 32 billion rubles, 22.46% more than in the same period of 2023. Foxford ranked seventh place among the 10 largest companies on this list.
*belongs to the Meta corporation, whose activities are recognized as extremist in Russia and are prohibited
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
